On Wednesday, Inditex Group reported a 33.1 percent surge in second-quarter net income, fueled by an 18.4 percent gain in sales. Net income at the Spanish retail giant that owns the Zara chain totaled 193 million euros, or $261.6 million, in the three months ended July 31, up from 145 million euros, or $184.4 million, a year ago, while sales stood at 2.09 billion euros, or $2.83 billion. Both figures overtook analysts' forecasts. Dollar figures are calculated at average exchange rates for the respective periods.
Like-for-like sales accelerated in the first half to 7 percent from 5 percent a year ago, even as Inditex added 205 new stores, bringing its tally to 3,336 in 66 countries. Most of the openings were concentrated in Asia and Europe, including the first Zara location in Beijing and a Zara Home unit in France.
Zara accounted for 64.4 percent of sales in the half. Inditex also operates stores under the Bershka, Massimo Dutti, Oysho, Stradivarius, Pull & Bear and Kiddy's Class banners.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"